Stocks Market Booms With N108bn Gain

The domestic equities market maintained positive momentum yesterday which saw investors gained N108.5 billion as market capitalisation rose to N20.6 trillion.

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The All-Share Index rose 53 basis points (bps) to 39,293.14 points due to buying interest in Stanbic (+9.2 per cent), MTNN (+1.2%), and Guaranty (+0.5%) while Year to date loss improved to -2.4%.

Trading activity waned as volume and value declined 36.6% and 33.7% respectively to 229.4m units and N3.8bn. The most traded stocks by volume were UBN (79.6m units), Guaranty (19.3m units), and Zenith (12.1m units) while MTNN (N1.6bn), Guaranty (N599.0m) and Zenith (N421.7m) led by value.

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Across sectors, performance was bullish as four indicators trended northward.

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Investor sentiment, as measured by market breadth strengthened to 1.9x from the 1.3x recorded previously as 23 stocks gained against 12 decliners.